Macfarlanes joins £5.7bn easyJet takeover for founder Stelios

Macfarlanes has been called in to advise easyJet founder Sir Stelios Haji-Ioannou on Apollo’s £5.7 billion takeover of the airline, bringing another City firm onto one of the year’s biggest UK public M&A deals.

Haji-Ioannou is easyJet’s largest shareholder, with Macfarlanes advising the founder and his investment vehicle on the deal. The team is led by London M&A partners Max Mittasch and Adam Campbell.

Apollo secured easyJet’s backing on Thursday after a months-long takeover battle with rival US investment firm Castlelake, which had previously won board support for an offer valuing the FTSE 250 airline at roughly £5.5 billion.

Apollo returned with a higher bid in July, before Castlelake said yesterday that it would not increase its offer. EasyJet is expected to delist from the London Stock Exchange following the deal.

Advising

Clifford Chance is advising easyJet, fielding a corporate team led by London partners Melissa Fogarty, Katherine Moir and James Bole.

Paul Weiss is acting for Apollo in a major UK public M&A mandate for the US firm, with London corporate partners Dan Schuster-Woldan and Matthew Hearn leading the team.

Watson Farley & Williams is acting as aviation counsel to Apollo.

Slaughter and May and Milbank advised Castlelake on its unsuccessful bid.

Macfarlanes' role adds another firm to the adviser line-up, with Mittasch and Campbell advising Haji-Ioannou.

UK takeover rush

EasyJet joins a growing list of major UK-listed companies to agree takeovers this year, alongside the likes of Segro, Intertek, Schroders and Tate & Lyle.

City firms have picked up a steady stream of lucrative work from the activity, with Slaughter and May, Linklaters and Clifford Chance among those landing major mandates.

Ingredion’s takeover of Tate & Lyle, which enlisted Linklaters and Hogan Lovells, set aside £40 million for legal fees.